Arkema buys two Chinese firms, Hipro Polymers Casda Biomaterials

Arkema buys two Chinese firms, Hipro Polymers and Casda Biomaterials

2:28 AM, 21st November 2011
Arkema buys two Chinese firms, Hipro Polymers and Casda Biomaterials
Thierry Le Henaff, Chairman and CEO, Arkema.

 

COLOMBES, FRANCE: Arkema to acquire Chinese companies Hipro Polymers, a fast-expanding producer of biosourced polyamide 10.10 and Casda Biomaterials, world leader in sebacic acid, derived from castor oil and used in particular to manufacture this polyamide 10.10. Subject to Chinese authorities approval, the operation should be finalized in early 2012.

“This acquisition will help us boost our position in China, one of Arkema’s geographic priorities for the last 5 years. With polyamide 10.10, it aptly complements our high added value polyamide 11 and 12 product range and fits well with our growth strategy in green chemistry,” said Thierry Le Henaff, Chairman and CEO, Arkema.

Both companies report aggregate sales estimated at $230 million for 2011 and employ 750 people on two sites in China. The acquisition price is based on an enterprise value of $365 million for 100 per cent of the capital of both companies, which are predominantly owned by a joint venture between privately owned Chinese, Feixiang Chemicals and Bain Capital. “We are happy with these two companies joining Arkema, global leader of renewable source based high performance polyamide. The business and product development of the two companies will be brought to a new high level,” added Ji Li, President, Feixiang Chemicals.

By adding Hipro Polymers’ PA10.10 to its technical polymer portfolio, Arkema, would strengthen its world leading position in specialty biosourced polyamides (15 to 20 per cent expected annual growth rate). With Casda Biomaterials, Arkema would benefit for the production of PA10.10 and through this strategic raw material, would be able to supply diversified world markets as well as the fast-growing biosourced and biodegradable copolymer market.

© WOC News

 

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